Tsongas says new credit cards law will protect consumers

Congressman Tsongas

March, 2010

WASHINGTON, DC – Congresswoman Niki Tsongas says that a series of landmark reforms to the way the credit card industry does business have now gone into effect “thanks to the Credit CARD Act (Credit Card Accountability and Disclosure Act).”

In a press release, Tsongas said, “The law, which was passed by this Congress and signed by President Obama last year, ends unfair industry practices and protects consumers from abusive tactics like retroactive rate increases, misleading late fee charges, and over-the-limit fee traps.” Tsongas was a cosponsor of the legislation, which was passed by a strong bipartisan majority in both the House and Senate.

“The deceptive and abusive practices that the credit card industry has long employed run contrary to the interests of consumers, and, as we have seen from the recent financial crisis, also have dire consequences for our economy as a whole,” Tsongas said. “The common sense reforms that have now gone into effect as a result of the CARD Act rein in the worst practices of the big credit card companies, banks and other large financial institutions, placing the consumer on a more level playing field.”

“Now that these new reforms are in place, credit card companies are already looking for ways to circumvent them. It is important that you know your rights as a consumer. I encourage Fifth District residents to visit The Federal Reserve’s Consumer Information website or my website for more information about your rights,” Tsongas concluded.

Tom Duggan is president and publisher of The Valley Patriot Newspaper in North Andover Massachusetts, a #1 Best Selling Author, Host of the Paying Attention Radio Program on WCAP in Lowell, lectures on media bias and police issues, is a former Lawrence School Committeeman, former political director for Mass. Citizens Alliance, and a 1990 Police Survivor.
You can email your comments to valleypatriot@aol.com.